Kmax, all you would need to do that is specify those apps for all spaces, and they would flow on that monitor to all of the spaces (While keeping the exact location). Add your app to the list, and then for the space, make it 'Every Space'. I'm not aware of a feature that would allow you to enable spaces for just a single monitor, but the previous should take care of it. For multiple monitor setups, there's x amount of monitors on ALL spaces. I prefer vertical spaces for ease of use. When I used spaces I always had Terminal follow every space.
At the same time, you can specify an application to live in a single space, that way when you switch to that app, via cmd+tab or dock, or any other way, it will flip to that space. With a fairly decent machine it would be near instant (G5 Dual 1.8Ghz was pretty smooth).
Its all about how you use your applications. Its pretty nice when you're working with full screen applications and want to keep them on a separate workspace.